CLP acquired 300 Riverside Apartments, a 220-unit property located in Austell, GA, in August 2019. CLP has a strong local market presence, owning multiple properties totaling 942 units in the area (more than 1,000 units inclusive of this property). We recently closed on Premier Apartments, which is less than 0.5 miles away, allowing potential operating synergies and staff sharing. The property is situated close to major highways leading to Downtown Atlanta and the Platinum Triangle. Walmart, Home Depot, and other large retailers are within 2 miles from the property. Cobb County is one of the most robust real estate markets in Georgia, benefiting from high population density and strong household income. The benefits of low property taxes, low occupational business taxes, and convenient services make the county a major center for commerce. Additionally, the county boasts one of the strongest school districts in the state. Multifamily development faces strong opposition by both homeowners and the Cobb County Planning & Zoning Department, creating a barrier for new apartment construction in this sub-market. A local government program to purchase and demolish older apartments has removed more than 2,000 units in this area. Increases in land, labor and materials costs have pushed new construction prices up to $180,000/unit, ensuring that this property will be insulated from new construction.